With such an economical state like the one in which we are living now, it is quite normal that we see many desesperate sellers trying to clear their debts and so even th rock-bottom price just isn't enough for buyers these days - it's a starting point. If the furnace is out of date, they'll demand a new one. Cracked driveways have to be repaved, and dirty carpeting torn out and replaced. All at the seller's expense.
Buyers are in the driver's seat and they know it. They're using that leverage to pry more concessions out of desperate sellers than they ever dreamed of during the bubble.
"'Now it's my turn,' is the attitude," said Mike Byrd, a real estate agent with SLO Home Store in San Luis Obispo, Calif. "Some buyers are really putting the screws on."
In New England, buyers are demanding that sellers pay to fill up a home's heating oil tank. In California, sellers are forking over closing costs. Nearly everywhere, buyers are insisting that sellers purchase a home service contract providing a one year warranty on all of a home's appliances.
New central air-conditioning systems, a year of condo association fees and even two weeks in Hawaii are just a few of the incentives that sellers are having to employ these days, according to Byrd.
And buyers are getting it all in writing.
"[During the boom] buyers usually accepted the property as-is, and we even occasionally offered to pay the seller's state and county transfer taxes," said Washington D.C. based agent John Sullivan, who is also president elect of the National Association of Exclusive Buyer's Agents. "No more."
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